Saudi Aramco CEO calls energy transition strategy a failure [Video]

Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday.

“In the real world, the current transition strategy is visibly failing on most fronts,” Saudi Aramco Chief Executive Amin Nasser said at the CERAWeek conference in Houston.

Fossil fuels accounted for 82 percent of global consumption last year, according to a report from consultancy KPMG cited by Nasser, who noted that the International Energy Agency has said oil demand could hit a record this year.

“This is hardly the future picture some have been painting,” Nasser said.

“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” added Nasser, alluding to a …